KESTREL INVESTMENT MANAGEMENT CORP
Long book
$167.5M
Q1 2026
Positions
39
Top-10 weight
44%
concentration
Last quarter
+9.5%
SPY +14.8%
Turnover
20%
of book per quarter
Strategy in plain words
auto-generated from filingsKESTREL INVESTMENT MANAGEMENT CORP is a diversified fundamental manager, running a $167.5M US long book across 39 positions.
The portfolio is moderately concentrated (top 10 ≈ 44% of the book). Turnover is modest: positions are typically held for years. Current anchor positions: PHINIA INC, TRI POINTE HOMES INC, PHOTRONICS INC, AXOS FINANCIAL INC, NCR ATLEOS CORP.
Over the last 9 quarters its long book ran on average 1pp per quarter behind the S&P 500, beating the index in 4 of 9 quarters. We rate its filings as signal-bearing: position changes reflect genuine views.
Implied long-book return vs S&P 500
methodology: positions priced quarterly, no shorts/options Fund long book S&P 500
Q1 2024
+2.3%
Q2 2024
+9.0%
Q3 2024
+4.7%
Q4 2024
-5.2%
Q1 2025
+4.2%
Q2 2025
+7.2%
Q3 2025
+3.0%
Q4 2025
-3.4%
Q1 2026
+9.5%
Sector allocation
Technology 21%
Financials 18%
Industrials 18%
Healthcare 14%
Other 12%
Services media 8%
Consumer discretionary 3%
Materials 3%
Long book by quarter
What does KESTREL INVESTMENT own?
Q1 2026 13F| Company | Sector | Shares | Value | % of book | Change |
|---|---|---|---|---|---|
| PHIN PHINIA INC | Industrials | 163.6K | $11.2M | 6.7% | -1.1% |
| T86 TRI POINTE HOMES INC | — | 220.1K | $10.3M | 6.1% | -0.7% |
| PLAB PHOTRONICS INC | Technology | 200.4K | $8.1M | 4.8% | -0.7% |
| AX AXOS FINANCIAL INC | Financials | 95.2K | $8.1M | 4.8% | -1.0% |
| NATL NCR ATLEOS CORP | Technology | 156.8K | $6.8M | 4.1% | -0.8% |
| ITGR INTEGER HOLDINGS CORP | Healthcare | 75.2K | $6.6M | 3.9% | -0.7% |
| CNO CNO FINANCIAL GROUP INC | Financials | 153.3K | $6.3M | 3.8% | -0.6% |
| VTOL BRISTOW GROUP INC | Industrials | 129.7K | $6.1M | 3.6% | -0.6% |
| HAE HAEMONETICS CORP/MASS | Healthcare | 97.4K | $5.5M | 3.3% | -0.7% |
| CVSA COVISTA INC | Services media | 47.3K | $5.5M | 3.3% | -0.6% |
| BHF BRIGHTHOUSE FINANCIAL INC | Financials | 90.4K | $5.4M | 3.2% | -0.9% |
| TRS TRIMAS CORP | Industrials | 149.6K | $5.4M | 3.2% | New |
| ECVT ECOVYST INC | Materials | 405.4K | $5.2M | 3.1% | -0.5% |
| THC TENET HEALTHCARE CORP | Healthcare | 27.2K | $5.1M | 3.1% | -1.1% |
| QCRH QCR HOLDINGS INC | Financials | 55.6K | $4.8M | 2.8% | Held |
| UPWK UPWORK INC | Technology | 433.0K | $4.7M | 2.8% | -0.6% |
| ATKR ATKORE INC | Technology | 74.2K | $4.4M | 2.6% | -0.7% |
| NSIT INSIGHT ENTERPRISES INC | Consumer discretionary | 63.8K | $4.3M | 2.6% | New |
| PBH PRESTIGE CONSUMER HEALTHCARE | Healthcare | 70.0K | $4.2M | 2.5% | -0.6% |
| SMPL SIMPLY GOOD FOODS CO/THE | Consumer staples | 258.1K | $3.7M | 2.2% | +90.3% |
| PFBC PREFERRED BANK/LOS ANGELES | — | 39.8K | $3.6M | 2.2% | -0.7% |
| AAMI ACADIAN ASSET MANAGEMENT INC | Financials | 62.4K | $3.4M | 2.0% | -1.3% |
| GTM ZOOMINFO TECHNOLOGIES INC | Technology | 547.1K | $3.3M | 2.0% | -0.8% |
| KOP KOPPERS HOLDINGS INC | Other | 83.5K | $3.2M | 1.9% | -0.4% |
| MATW MATTHEWS INTL CORP-CLASS A | Industrials | 115.9K | $3.0M | 1.8% | Held |
| CNXC CONCENTRIX CORP | Services media | 97.8K | $2.7M | 1.6% | -0.7% |
| EXLS EXLSERVICE HOLDINGS INC | Services media | 86.5K | $2.6M | 1.6% | New |
| CARS CARS.COM INC | Technology | 305.8K | $2.5M | 1.5% | -0.6% |
| SMG SCOTTS MIRACLE-GRO CO | Other | 39.3K | $2.4M | 1.4% | New |
| BLKB BLACKBAUD INC | Technology | 61.0K | $2.4M | 1.4% | -0.8% |
| SBSI SOUTHSIDE BANCSHARES INC | Financials | 69.0K | $2.1M | 1.3% | -0.7% |
| MTUS METALLUS INC | Industrials | 130.0K | $2.1M | 1.3% | -0.9% |
| SAIC SCIENCE APPLICATIONS INTE | Technology | 22.1K | $2.1M | 1.3% | Held |
| AVNS AVANOS MEDICAL INC | Healthcare | 139.8K | $2.0M | 1.2% | -0.9% |
| CCRN CROSS COUNTRY HEALTHCARE INC | Services media | 167.1K | $1.6M | 0.9% | -0.9% |
| HDSN HUDSON TECHNOLOGIES INC | Consumer discretionary | 200.8K | $1.2M | 0.7% | -0.5% |
| RLGT RADIANT LOGISTICS INC | Industrials | 127.8K | $901K | 0.5% | Held |
| FORR FORRESTER RESEARCH INC | Services media | 91.5K | $518K | 0.3% | Held |
13F filing history
| Period | Form | Filed | Entries | Reported value | Flags | Source |
|---|---|---|---|---|---|---|
| Q1 2026 | 13F-HR | May 5, 2026 | 39 | $167.5M | canonical | SEC ↗ |
| Q4 2025 | 13F-HR | Feb 3, 2026 | 40 | $176.4M | $K fixed canonical | SEC ↗ |
| Q3 2025 | 13F-HR | Nov 12, 2025 | 40 | $177.4M | $K fixed canonical | SEC ↗ |
| Q2 2025 | 13F-HR | Jul 31, 2025 | 41 | $167.0M | $K fixed canonical | SEC ↗ |
| Q1 2025 | 13F-HR | May 8, 2025 | 40 | $163.7M | $K fixed canonical | SEC ↗ |
| Q4 2024 | 13F-HR | Feb 12, 2025 | 40 | $181.2M | $K fixed canonical | SEC ↗ |
| Q3 2024 | 13F-HR | Nov 12, 2024 | 40 | $173.7M | $K fixed canonical | SEC ↗ |
| Q2 2024 | 13F-HR | Aug 9, 2024 | 37 | $151.0M | $K fixed canonical | SEC ↗ |
| Q1 2024 | 13F-HR | May 2, 2024 | 37 | $149.8M | $K fixed canonical | SEC ↗ |
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